Angola hires World Bank to advise on privatisation programme

14 August 2019

The Angolan government has hired the World Bank as a strategic consultant for the privatisation process of 195 companies, 32 of which are classified as national benchmarks, the minister of state for economic coordination said on Monday in Luanda.

Manuel Nunes Júnior, who was speaking at the public presentation session of the Angola Privatisation Programme 2019-2022, said the World Bank had been hired due to the complexity of the programme and the fact that it has extensive international experience in the field.

The minister, quoted by the Angop news agency, said that the disposal of state assets would follow various modalities and procedures, given that the programme was part of a broader process of restructuring the public business sector.

This measure aims not only to promote private enterprise, but also to ensure that wherever the state is present it is efficient and adds value to the process of wealth creation in the country.

In this process, according to the minister, it will be up to the State to reinforce its role as regulator and coordinator of the country’s development process, making the private sector the engine of Angola’s economic growth.

“Our goal is to build an economy based on strong and sustained growth in Angola,” he said, adding that the country will have to end its heavy dependence on one product, oil, which generates about 95% of its external resources and over 70% of all tax revenue. (Macauhub)